Bitcoin

[L-Jam3]

Dudes gonna get the last laugh after he serves a 5 year sentence in a minimum security federal pen and still walks away with tens of millions of dollars squirreled away in the Maldives or some shit.

Joke’s on you Brian. In five years the Maldives will be underwater.

[DSafetyGuy]

Dudes gonna get the last laugh after he serves a 5 year sentence in a minimum security federal pen and still walks away with tens of millions of dollars squirreled away in the Maldives or some shit.

Joke’s on you Brian. In five years the Maldives will be underwater.

Joke's on you, L-Jam. He's a rich white guy, he's not getting anywhere close to five years.

[Rex]

From what I’ve read, it seems like SBF is more like the Henry Hill of crypto. Doesn’t have the “skills” to be a real criminal, more like he was just in it for the lifestyle. And certainly seems willing to shoot the shit with anyone who will listen. Maybe that analogy will stick and he’ll have some good info.

[sancarlos]

From what I’ve read, it seems like SBF is more like the Henry Hill of crypto. Doesn’t have the “skills” to be a real criminal, more like he was just in it for the lifestyle. And certainly seems willing to shoot the shit with anyone who will listen. Maybe that analogy will stick and he’ll have some good info.

They weren’t putting Henry Hill’s picture on any magazine covers, asking if he was the next big thing.

[Pruitt IV]

From what I’ve read, it seems like SBF is more like the Henry Hill of crypto. Doesn’t have the “skills” to be a real criminal, more like he was just in it for the lifestyle. And certainly seems willing to shoot the shit with anyone who will listen. Maybe that analogy will stick and he’ll have some good info.

They weren’t putting Henry Hill’s picture on any magazine covers, asking if he was the next big thing.

Years ago on SCTV, Eugene Levy played a character named Brian Johns who was a Financial Reporter who when he interviewed rich people merely fawned over their richness.



Seems to be the template for many financial reporters.

[Rex]

Sounds like someone wasn't reading Gangster Magazine as a kid.

[The Sybian]

From what I’ve read, it seems like SBF is more like the Henry Hill of crypto. Doesn’t have the “skills” to be a real criminal, more like he was just in it for the lifestyle. And certainly seems willing to shoot the shit with anyone who will listen. Maybe that analogy will stick and he’ll have some good info.

They weren’t putting Henry Hill’s picture on any magazine covers, asking if he was the next big thing.

Years ago on SCTV, Eugene Levy played a character named Brian Johns who was a Financial Reporter who when he interviewed rich people merely fawned over their richness.



Seems to be the template for many financial reporters.

That had to influence Chris Farley's skits posing as an idiot interviewing celebrities. "Remember that time when you [did super famous thing]? That was awesome."

[Shirley]

This whole crypto thing ... it just amazes me how long it continued and how broad it got.

I mean, ignore the blockchain aspect, just the idea buying a new currency is "investing" is just maddening to me. How did so many people go along with this? The only value any of these currencies have is the idea that other people will think it has value and want to buy it, driving the price up. It's like everyone forgot that an asset has to have some sort of intrinsic value - not just the price of the thing itself.

Sure, if someone had figured out an actual valuable use for BitCoin (or any of the others) outside of illegal activities, maybe it would be interesting. But it's been over 10 years now and I haven't yet heard of a compelling use case other than as a way to buy drugs online.

And back to blockchain - it's a stupid fucking idea. It always has been and most of the smart tech people I know saw that from day 1. And that was before Bitcoin started consuming the energy equivalent of a medium-sized country.

[L-Jam3]

Right? Like in the past you might've lost a lot of money, but at least you got a cool-looking flower out of the deal.

[mister d]

I mean ... I can see how a no-effort get rich fast ploy might work, especially once it was normalized by analysts and celebrities.

[Steve of phpBB]

And back to blockchain - it's a stupid fucking idea. It always has been and most of the smart tech people I know saw that from day 1. And that was before Bitcoin started consuming the energy equivalent of a medium-sized country.

I still have no idea what that is.

[brian]

And back to blockchain - it's a stupid fucking idea. It always has been and most of the smart tech people I know saw that from day 1. And that was before Bitcoin started consuming the energy equivalent of a medium-sized country.

Going to disagree as a lot of smart people I know think that it is if not THE future of internet security protocols, it is at the very least going to be a big piece of the puzzle.

[The Sybian]

This whole crypto thing ... it just amazes me how long it continued and how broad it got.

I mean, ignore the blockchain aspect, just the idea buying a new currency is "investing" is just maddening to me. How did so many people go along with this? The only value any of these currencies have is the idea that other people will think it has value and want to buy it, driving the price up. It's like everyone forgot that an asset has to have some sort of intrinsic value - not just the price of the thing itself.

Sure, if someone had figured out an actual valuable use for BitCoin (or any of the others) outside of illegal activities, maybe it would be interesting. But it's been over 10 years now and I haven't yet heard of a compelling use case other than as a way to buy drugs online.

And back to blockchain - it's a stupid fucking idea. It always has been and most of the smart tech people I know saw that from day 1. And that was before Bitcoin started consuming the energy equivalent of a medium-sized country.

Because we don't want governments controlling our currencies, man! We need to break the chains of government tyranny by not allowing them to promise to back the fiction of value placed in currency (or backing it with gold or some other tangible valuable asset). I never understood that argument other than subverting law enforcement or being the fever dream of conspiracy theorists.

Crypto was always a scam, and some people who were crafty enough to get in early and sell on top made fortunes. I guess there were some true believers that crypto would revolutionize the world and eventually replace government currency, but that was a pipe dream.

[mister d]

Going to disagree as a lot of smart people I know think that it is if not THE future of internet security protocols, it is at the very least going to be a big piece of the puzzle.

Or they're just trying to convince a few people of that to make their holdings a little safer ; P

[brian]

Going to disagree as a lot of smart people I know think that it is if not THE future of internet security protocols, it is at the very least going to be a big piece of the puzzle.

Or they're just trying to convince a few people of that to make their holdings a little safer ; P

There's no interaction between the two. Blockchain for crypto and blockchain as essentially a hyperledger for fintech or decentralized identity security are two completely different things.

The former is mostly a scam albeit there are some merits to a global currency decentralized from any national bank that have been discussed here at length. In short, your average law-abiding citizen of Country X really has no need or market for any kind of cryptocurrency. That could change in the future depending on various global upheavals but as it stands right now the current global method of national currencies works just fine unless you want to buy arms and/or drugs on the downlow.

The latter is an exceptionally legitimate and potentially powerful tool to protect the privacy of individuals compared to simply sharing a username and password with 100 different websites.

[mister d]

I assume the latter is more energy efficient than crypto mining?

[brian]

I assume the latter is more energy efficient than crypto mining?

Would be a lot fewer transactions in general, so yes? This is where I'm not an expert on the hardware side of it, but my understanding is that the computational power required for your average crypto mining transaction is so large that that is what makes it so inefficient. The blockchain used as a hyperledger should be a fairly simple transaction no different than sending a few bytes of data back and forth like we're doing right now. But again, I'd have to defer to a hardware expert on that.

[Pruitt IV]

And back to blockchain - it's a stupid fucking idea. It always has been and most of the smart tech people I know saw that from day 1. And that was before Bitcoin started consuming the energy equivalent of a medium-sized country.

I still have no idea what that is.

My son gave my wife and I a very detailed explanation and honest to god - no fucking clue.

But what I took away is that guys are setting up "farms" of computers to "harvest" "coins" that didn't exist before they were "harvested." And the intrinsic value is tied into I don't have a fucking clue.

Far too old to gamble on that nonsense.

And my son lost a few thousand on the "established," "legit" "coins"

There are ways to make money that don't involve hocus pocus at best, and outright theft at worst.

One Coin

[Baloney]

[L-Jam3]

I hate the New York Post and everything they stand for, and them putting the Ukrainian flag is totally disingenuous, but that's an A+ headline. Well done.

[Shirley]

And back to blockchain - it's a stupid fucking idea. It always has been and most of the smart tech people I know saw that from day 1. And that was before Bitcoin started consuming the energy equivalent of a medium-sized country.

Going to disagree as a lot of smart people I know think that it is if not THE future of internet security protocols, it is at the very least going to be a big piece of the puzzle.

Well, the idea has been around for a couple of decades at least and there's still vanishingly little usage of it in the real world outside of cryptocurrencies. If it were going to revolutionize internet security it would have happened already. I may not talk to the right folks, but in my job, I talk with a lot of IT security people, including CISOs at major corporations and I don't think I've ever heard one of them use the word "blockchain."

[Baloney]

I'm shocked

"Thousands may have lost out to crypto trading app"

https://www.bbc.com/news/technology-64939146

[mister d]

Report: QB Brady lost $30M in collapse of FTX

Seems pretty misleading, perhaps intentionally. Brady didn't really lose $30MM, he was given $30MM in stock for his endorsement and then it tanked. Real people have lost real money; Brady effectively wasn't paid for doing nothing.

[brian]

Judging from his Hertz commercials dude mails it in for annything other than throwing a football and leaving your wife and newborn for a supermodel.

[HaulCitgo]

Better go 110% at pro football. And it depends on how hot your wife is and how much you like her. If you're gonna leave, newborn a pretty solid temporal selection. They hate u once they understand before they really understand.

[Baloney]

11,196 year sentence for fraudulent crypto exchange.

https://www.bbc.com/news/world-europe-66752785

[brian]

It looks good. Can mine about 2 Pi per day it looks like, just for pressing a button.

Still curious, what does mining mean, they just but free crypto currency in your account for logging in?

Yeah. For a simple definition, think of a big chunk of block made of millions of squares. When you mine, you're are using your computer power to solve algorithms to gain a square. When you buy or sell, you are selling a square. It's like a shared ledger. Not sure how it totally works with this Pi since you're using no power really and they're just giving it away?

As A_B mentions, this is not even a block yet, so me using the term mining is probably incorrect.

How will this eventually get value? Something has to go into it to make it have value, right? You can't just make up a word, give it to people for free, and eventually have people trade it as currency. This stuff just doesn't make sense to my old man brain.

Value of Pi coin today is supposedly about $36 per coin. Though still no easy way to trade them quite yet. Some of you guys who haven’t checked in awhile should consider going through the KYC steps to move your coins to your wallet. They’re supposedly working on an exchange by the end of the year.

[Johnnie]

Damn. I deleted that a loooooong time ago.

I guess I should've kept it.

How many coins do you have?

Edit

If you've been clicking the button once a day for the past 2 and a half years netting 2 coins a day and it's worth $36, you've passively made $65k pending you could cash out.

[brian]

Damn. I deleted that a loooooong time ago.

I guess I should've kept it.

How many coins do you have?

Edit

If you've been clicking the button once a day for the past 2 and a half years netting 2 coins a day and it's worth $36, you've passively made $65k pending you could cash out.

I have about 1500. Still doubtful they’ll ever be worth anything but wasn’t a big deal to click a button once a day.

[A_B]

I’m at about 2700. Obviously stopped for a long time.

[Shirley]

Yeah, I stopped hitting that button a long time ago. Looks like I have 856. I never expanded my security circle, or whatever. But if that number is real, that's worth about $30K? I'm doubtful.

[Gunpowder]

If you can't sell them aren't they worth $0 a coin or am I missing something

[brian]

If you can't sell them aren't they worth $0 a coin or am I missing something

You can sell/trade them peer to peer so the value isn’t completely plucked out of the air.

[brian]

I’m at about 2700. Obviously stopped for a long time.

You should check and see how much is actually in your Pi wallet. You have to complete the KYC (Know Your Customer) process to migrate your balance.

[A_B]

I’m at about 2700. Obviously stopped for a long time.

You should check and see how much is actually in your Pi wallet. You have to complete the KYC (Know Your Customer) process to migrate your balance.

Yeah just saw some stuff on that this morning. Gonna try to figure it out. Thanks for the heads up.

[The Sybian]

I’m at about 2700. Obviously stopped for a long time.

You should check and see how much is actually in your Pi wallet. You have to complete the KYC (Know Your Customer) process to migrate your balance.

This sounds like a cult.

[Shirley]

While we're playing with imaginary money, I only have Brian in my Security Circle. Who else can I add so I can earn that sweet fake money faster?

[degenerasian]

We all belong to Brian so he'll get rich off of us. I completed the PYC and have 1,000. I ended up locking it for an additional 3 years.

[sancarlos]

I’m at about 2700. Obviously stopped for a long time.

You should check and see how much is actually in your Pi wallet. You have to complete the KYC (Know Your Customer) process to migrate your balance.

This sounds like a cult.

Or a pyramid scheme.

[mister d]

Eventually you'll just have to link a checking or savings account and send over a quick test transaction then those 6 figure windfalls will be yours!